International Trade Finance & Banking

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OFAC Releases Guidance on the Continuation of Certain Temporary Sanctions Under the JPOA

On June 30, the P5 + 1, European Union, and Iran agreed to extend the Joint Plan of Action for seven days, furthering negotiations to reach a solution to reduce Iran’s nuclear program. In conjunction with the announcement of...more

Individual Accountability at UK Financial Institutions - All Change

The new UK senior managers regime, which will come into force on 7 March 2016, is part of a major overhaul of the accountability regime for individuals working in UK banks and investment firms (firms). Overview...more

Schemes Of Arrangement And Why Loan Note Investors Should Be Wary Of Governing Law Amendment Mechanisms

In the matter of DTEK Finance B.V. [2015] EWHC 1164 (Ch), 28 April 2015, a change in the governing law of loan notes from New York law to English law was sufficient to found jurisdiction for the English court to sanction a...more

Brussels Regulatory Brief: June

This is the first in a series of monthly EU regulatory briefs - summarising key regulatory developments across a number of sectors in the EU. Antitrust and Competition - The European Commission launches an...more

Amendments to Canada’s Anti-Money Laundering Legislation: What’s New and What’s Next

On July 4, 2015, the federal government released amended regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). While there are some additional regulatory burdens...more

Extended BE-10 Filing Deadline Fast Approaching

U.S. Persons Owning Non-U.S. Businesses Should Request a Filing Extension Now and Submit Form BE-10 by August 31, 2015, In Order to Avoid Penalties. The Bureau of Economic Analysis (BEA), an agency of the U.S. Department...more

Ex-Im Bank Is Closed for Business – At Least for Now

The U.S. Export-Import (Ex-Im) Bank closed its doors on Tuesday following a lapse in Congressional authority. The 81-year-old agency provided financing for both American companies that export goods and their foreign...more

European Regulators Publish Second Consultation Paper on Margin for OTC Derivatives

On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Eurozone Crisis: Possible Outcomes

There is no precedent for a country leaving the Euro, and speculation continues as to how the crisis will unfold, and what the consequences would be of an exit of a member. There is uncertainty around various scenarios, not...more

Goldman Sachs’s Motion to Dismiss Mostly Denied in $73M RMBS Suit

On June 29, 2015, Justice Eileen Bransten of New York Supreme Court granted Goldman Sachs Group Inc.’s (“Goldman”) motion to dismiss a cause of action for negligent misrepresentation but denied Goldman’s motion to dismiss...more

Agencies Finalize Revisions to Advanced Approaches Risk-Based Capital Rule Applicable to Large International Banking Organizations

On June 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized revisions to the regulatory capital rules adopted in June 2013 that apply to...more

China Adopts the New National Security Law - a Top Legislative Effort to Control Cybersecurity

On 1 July 2015, the Standing Committee of the National People's Congress, China's top legislature, approved the new National Security Law of the People's Republic of China, the "New Law") which became effective on the same...more

Bridging the Week - July 2015

China Regulator Issues Final Interim Measures Governing Overseas Access to Its Futures Markets - The China Securities Regulatory Commission issued final interim measures to permit trading by overseas investors on...more

Iranian Bank Entitled To Recover Damages For Losses Suffered As A Result Of Unlawful Treasury Restrictions

We consider here the judgment of the High Court (Commercial Court) in Mellat v HM Treasury [2015] EWHC 1258 (Comm) (6 May 2015). The judgment relates to three preliminary issues of law in a claim by an Iranian bank, Bank...more

Congress Allows Export-Import Bank Charter to Expire, for Now

Congress recessed for a week-long Fourth of July break last week without taking up legislation to reauthorize the Export-Import (Ex-Im) Bank's charter, just days before it was set to expire. The Bank was operating under a...more

Recast Insolvency Regulation: New Rules and Focus on Cross-Border Restructuring

On 20 May 2015 the recast EC Regulation on Insolvency Proceedings (2015/848) (Recast Regulation) was adopted and will apply to insolvency proceedings opened after 26 June 2017 in Member States (other than Denmark). Broader in...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Red Notice Newsletter - June 2015

This month on the anticorruption front, an energy company announces the U.S. Department of Justice (DOJ) has declined to bring charges following an Foreign Corrupt Practices Act (FCPA)-related investigation, the protracted...more

Russian Legislation Update

In This Issue: - Undesirable organizations - Banking - Employment/Court Practice: a Company’s CEO and Members of the BOD - Excerpt from Undesirable Organizations: On 23 May 2015 the Russian...more

JPOA Extended until July 2015: “Temporary” Iran Sanctions Relief Continues until July 2015

Since the end of November 2013, the so-called P5 + 1 (the United States and its partners, China, France, the United Kingdom, Germany and Russia) have been negotiating with Iran regarding its nuclear program. The negotiations...more

Iran: No decision reached; further extension of limited sanctions relief until 7 July 2015

Yesterday, the P5+1 (made up of the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, announced the extension of the Joint Plan of Action (JPOA) Relief Period (JPOA Relief Period) for...more

UK Regulatory Proposals on Removing Impediments to Resolvability

The Bank of England, the UK authority with powers to “resolve” failing banks, is consulting on how it might exercise its power of direction to remove impediments to resolvability. The Bank may require measures to be taken by...more

The Financial Report - Volume 4, No. 12 • June 2015 (Global)

Discussion and Analysis - Golf fans were captivated by the US Open played at Chambers Bay, a public course overlooking Puget Sound in Washington state, which concluded on Sunday. The Wall Street Journal’s sports...more

Canada Expands Sanctions on Russia and the Crimea Region of the Ukraine

On Monday, June 29, 2015, the Canadian government expanded its economic sanctions against Russia and the Crimea region of the Ukraine. Three additional individuals and 14 entities were added to the list under the Special...more

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